| Consolidating Condensed Financial Information of Guarantor Subsidiaries |
Consolidating Condensed Financial Information of Guarantor Subsidiaries
Certain 100% wholly-owned subsidiaries of the Company (as listed below, collectively the “Guarantor Subsidiaries”) have guaranteed fully and unconditionally, on a joint and several basis, the obligation to pay principal and interest on the Company’s 2023 and 2028 Notes. Certain subsidiaries and operating divisions are not guarantors of the Notes. Those subsidiaries that are guarantors and co-obligors of the Notes are as follows:
Arden Companies, LLC
C&S Products Co., Inc.
Farnam Companies, Inc.
Four Paws Products Ltd.
Gulfstream Home & Garden, Inc.
Hydro-Organics Wholesale, Inc.
IMS Trading, LLC
IMS Southern, LLC
K&H Manufacturing, LLC
Kaytee Products, Inc.
Matson, LLC
New England Pottery, LLC
Pennington Seed, Inc. (including Gro Tec, Inc., NEXGEN Turf Research, LLC and All-Glass Aquarium Co., Inc.)
Pets International, Ltd.
Segrest, Inc. (including Blue Springs Hatchery, Inc., Segrest Farms, Inc., Florida Tropical Distributors International, Inc., Sun Pet, Ltd, Aquatica Tropicals, Inc., Quality Pets, LLC, Midwest Tropicals, LLC)
T.F.H. Publications, Inc.
Wellmark International (including B2E Corporation, B2E Microbials, LLC, B2E Manufacturing, LLC, Four Star Microbial Products, LLC and B2E Biotech LLC)
In lieu of providing separate audited financial statements for the Guarantor Subsidiaries, the Company has included the accompanying consolidating condensed financial statements based on the Company’s understanding of the Securities and Exchange Commission’s interpretation and application of Rule 3-10 of the Securities and Exchange Commission’s Regulation S-X.
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CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
Fiscal Year Ended September 28, 2019 |
|
(in thousands) |
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
$ |
764,991 |
|
|
$ |
191,442 |
|
|
$ |
1,496,962 |
|
|
$ |
(70,385 |
) |
|
$ |
2,383,010 |
|
Cost of goods sold and occupancy |
592,916 |
|
|
150,067 |
|
|
1,000,994 |
|
|
(65,008 |
) |
|
1,678,969 |
|
Gross profit |
172,075 |
|
|
41,375 |
|
|
495,968 |
|
|
(5,377 |
) |
|
704,041 |
|
Selling, general and administrative expenses |
181,894 |
|
|
42,213 |
|
|
333,243 |
|
|
(5,377 |
) |
|
551,973 |
|
Operating income (loss) |
(9,819 |
) |
|
(838 |
) |
|
162,725 |
|
|
— |
|
|
152,068 |
|
Interest expense |
(42,078 |
) |
|
(802 |
) |
|
266 |
|
|
— |
|
|
(42,614 |
) |
Interest income |
9,608 |
|
|
19 |
|
|
(73 |
) |
|
— |
|
|
9,554 |
|
Other income (expense) |
190 |
|
|
(575 |
) |
|
628 |
|
|
— |
|
|
243 |
|
Income (loss) before taxes and equity in earnings of affiliates |
(42,099 |
) |
|
(2,196 |
) |
|
163,546 |
|
|
— |
|
|
119,251 |
|
Income tax expense (benefit) |
(9,324 |
) |
|
(179 |
) |
|
36,107 |
|
|
— |
|
|
26,604 |
|
Equity in earnings of affiliates |
125,561 |
|
|
— |
|
|
(230 |
) |
|
(125,331 |
) |
|
— |
|
Net income including noncontrolling interest |
92,786 |
|
|
(2,017 |
) |
|
127,209 |
|
|
(125,331 |
) |
|
92,647 |
|
Noncontrolling interest |
— |
|
|
(139 |
) |
|
— |
|
|
— |
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|
(139 |
) |
Net income attributable to Central Garden & Pet Company |
$ |
92,786 |
|
|
$ |
(1,878 |
) |
|
$ |
127,209 |
|
|
$ |
(125,331 |
) |
|
$ |
92,786 |
|
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CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
Fiscal Year Ended September 29, 2018 |
|
(in thousands) |
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
$ |
730,439 |
|
|
$ |
167,584 |
|
|
$ |
1,397,688 |
|
|
$ |
(80,349 |
) |
|
$ |
2,215,362 |
|
Cost of goods sold and occupancy |
568,145 |
|
|
128,944 |
|
|
917,276 |
|
|
(74,379 |
) |
|
1,539,986 |
|
Gross profit |
162,294 |
|
|
38,640 |
|
|
480,412 |
|
|
(5,970 |
) |
|
675,376 |
|
Selling, general and administrative expenses |
167,849 |
|
|
33,118 |
|
|
313,043 |
|
|
(5,970 |
) |
|
508,040 |
|
Operating income (loss) |
(5,555 |
) |
|
5,522 |
|
|
167,369 |
|
|
— |
|
|
167,336 |
|
Interest expense |
(38,855 |
) |
|
(547 |
) |
|
206 |
|
|
— |
|
|
(39,196 |
) |
Interest income |
3,138 |
|
|
6 |
|
|
1 |
|
|
— |
|
|
3,145 |
|
Other income (expense) |
(4,269 |
) |
|
(236 |
) |
|
645 |
|
|
— |
|
|
(3,860 |
) |
Income (loss) before taxes and equity in earnings of affiliates |
(45,541 |
) |
|
4,745 |
|
|
168,221 |
|
|
— |
|
|
127,425 |
|
Income tax expense (benefit) |
(1,138 |
) |
|
79 |
|
|
4,364 |
|
|
— |
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|
3,305 |
|
Equity in earnings of affiliates |
167,997 |
|
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— |
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|
1,133 |
|
|
(169,130 |
) |
|
— |
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Net income including noncontrolling interest |
123,594 |
|
|
4,666 |
|
|
164,990 |
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(169,130 |
) |
|
124,120 |
|
Noncontrolling interest |
— |
|
|
526 |
|
|
— |
|
|
— |
|
|
526 |
|
Net income (loss) attributable to Central Garden & Pet Company |
$ |
123,594 |
|
|
$ |
4,140 |
|
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$ |
164,990 |
|
|
$ |
(169,130 |
) |
|
$ |
123,594 |
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CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
Fiscal Year Ended September 30, 2017 |
|
(in thousands) |
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
$ |
685,998 |
|
|
$ |
79,681 |
|
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$ |
1,370,335 |
|
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$ |
(81,536 |
) |
|
$ |
2,054,478 |
|
Cost of goods sold and occupancy |
534,682 |
|
|
60,788 |
|
|
901,959 |
|
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(75,759 |
) |
|
1,421,670 |
|
Gross profit |
151,316 |
|
|
18,893 |
|
|
468,376 |
|
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(5,777 |
) |
|
632,808 |
|
Selling, general and administrative expenses |
154,267 |
|
|
18,416 |
|
|
309,790 |
|
|
(5,777 |
) |
|
476,696 |
|
Operating income (loss) |
(2,951 |
) |
|
477 |
|
|
158,586 |
|
|
— |
|
|
156,112 |
|
Interest expense |
(28,051 |
) |
|
(294 |
) |
|
136 |
|
|
— |
|
|
(28,209 |
) |
Interest income |
146 |
|
|
1 |
|
|
— |
|
|
— |
|
|
147 |
|
Other income (expense) |
(2,379 |
) |
|
844 |
|
|
(86 |
) |
|
— |
|
|
(1,621 |
) |
Income (loss) before taxes and equity in earnings of affiliates |
(33,235 |
) |
|
1,028 |
|
|
158,636 |
|
|
— |
|
|
126,429 |
|
Income tax expense (benefit) |
(11,981 |
) |
|
1,466 |
|
|
57,214 |
|
|
— |
|
|
46,699 |
|
Equity in earnings of affiliates |
100,082 |
|
|
— |
|
|
420 |
|
|
(100,502 |
) |
|
— |
|
Net income including noncontrolling interest |
78,828 |
|
|
(438 |
) |
|
101,842 |
|
|
(100,502 |
) |
|
79,730 |
|
Noncontrolling interest |
— |
|
|
902 |
|
|
— |
|
|
— |
|
|
902 |
|
Net income (loss) attributable to Central Garden & Pet Company |
$ |
78,828 |
|
|
$ |
(1,340 |
) |
|
$ |
101,842 |
|
|
$ |
(100,502 |
) |
|
$ |
78,828 |
|
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CONSOLIDATING CONDENSED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)
|
|
Fiscal Year Ended September 28, 2019 |
|
(in thousands) |
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income (loss) |
$ |
92,786 |
|
|
$ |
(2,017 |
) |
|
$ |
127,209 |
|
|
$ |
(125,331 |
) |
|
$ |
92,647 |
|
Other comprehensive loss: |
|
|
|
|
|
|
|
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Foreign currency translation |
(458 |
) |
|
(299 |
) |
|
(48 |
) |
|
347 |
|
|
(458 |
) |
Total comprehensive income (loss) |
92,328 |
|
|
(2,316 |
) |
|
127,161 |
|
|
(124,984 |
) |
|
92,189 |
|
Comprehensive loss attributable to noncontrolling interests |
— |
|
|
(139 |
) |
|
— |
|
|
— |
|
|
(139 |
) |
Comprehensive income (loss) attributable to Central Garden & Pet Company |
$ |
92,328 |
|
|
$ |
(2,177 |
) |
|
$ |
127,161 |
|
|
$ |
(124,984 |
) |
|
$ |
92,328 |
|
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CONSOLIDATING CONDENSED STATEMENTS OF
COMPREHENSIVE INCOME
|
|
Fiscal Year Ended September 29, 2018 |
|
(in thousands) |
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income |
$ |
123,594 |
|
|
$ |
4,666 |
|
|
$ |
164,990 |
|
|
$ |
(169,130 |
) |
|
$ |
124,120 |
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
Foreign currency translation |
(267 |
) |
|
(145 |
) |
|
(67 |
) |
|
212 |
|
|
(267 |
) |
Total comprehensive income |
123,327 |
|
|
4,521 |
|
|
164,923 |
|
|
(168,918 |
) |
|
123,853 |
|
Comprehensive income attributable to noncontrolling interests |
— |
|
|
526 |
|
|
— |
|
|
— |
|
|
526 |
|
Comprehensive income attributable to Central Garden & Pet Company |
$ |
123,327 |
|
|
$ |
3,995 |
|
|
$ |
164,923 |
|
|
$ |
(168,918 |
) |
|
$ |
123,327 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)
|
|
Fiscal Year Ended September 30, 2017 |
|
(in thousands) |
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income (loss) |
$ |
78,828 |
|
|
$ |
(438 |
) |
|
$ |
101,842 |
|
|
$ |
(100,502 |
) |
|
$ |
79,730 |
|
Other comprehensive Income: |
|
|
|
|
|
|
|
|
|
Foreign currency translation |
343 |
|
|
169 |
|
|
108 |
|
|
(277 |
) |
|
343 |
|
Total comprehensive income (loss) |
79,171 |
|
|
(269 |
) |
|
101,950 |
|
|
(100,779 |
) |
|
80,073 |
|
Comprehensive income attributable to noncontrolling interests |
— |
|
|
902 |
|
|
— |
|
|
— |
|
|
902 |
|
Comprehensive income (loss) attributable to Central Garden & Pet Company |
$ |
79,171 |
|
|
$ |
(1,171 |
) |
|
$ |
101,950 |
|
|
$ |
(100,779 |
) |
|
$ |
79,171 |
|
|
|
|
|
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|
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|
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|
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CONSOLIDATING CONDENSED BALANCE SHEET |
|
|
September 28, 2019 |
|
|
(in thousands) |
|
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
489,590 |
|
|
$ |
7,308 |
|
|
$ |
851 |
|
|
$ |
— |
|
|
$ |
497,749 |
|
Restricted cash |
|
12,952 |
|
|
— |
|
|
— |
|
|
— |
|
|
12,952 |
|
Accounts receivable, net |
|
99,372 |
|
|
11,551 |
|
|
189,212 |
|
|
— |
|
|
300,135 |
|
Inventories, net |
|
121,344 |
|
|
30,826 |
|
|
314,027 |
|
|
— |
|
|
466,197 |
|
Prepaid expenses and other assets |
|
9,339 |
|
|
1,241 |
|
|
19,580 |
|
|
— |
|
|
30,160 |
|
Total current assets |
|
732,597 |
|
|
50,926 |
|
|
523,670 |
|
|
— |
|
|
1,307,193 |
|
Land, buildings, improvements and equipment, net |
|
27,395 |
|
|
35,854 |
|
|
182,156 |
|
|
— |
|
|
245,405 |
|
Goodwill |
|
20,578 |
|
|
7,414 |
|
|
258,085 |
|
|
— |
|
|
286,077 |
|
Other long term assets |
|
55,690 |
|
|
5,487 |
|
|
139,138 |
|
|
(13,970 |
) |
|
186,345 |
|
Intercompany receivable |
|
37,544 |
|
|
— |
|
|
879,231 |
|
|
(916,775 |
) |
|
— |
|
Investment in subsidiaries |
|
1,784,750 |
|
|
— |
|
|
— |
|
|
(1,784,750 |
) |
|
— |
|
Total |
|
$ |
2,658,554 |
|
|
$ |
99,681 |
|
|
$ |
1,982,280 |
|
|
$ |
(2,715,495 |
) |
|
$ |
2,025,020 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
47,506 |
|
|
$ |
6,895 |
|
|
$ |
94,845 |
|
|
$ |
— |
|
|
$ |
149,246 |
|
Accrued expenses and other liabilities |
|
54,623 |
|
|
4,814 |
|
|
69,729 |
|
|
— |
|
|
129,166 |
|
Current portion of long term debt |
|
113 |
|
|
— |
|
|
— |
|
|
— |
|
|
113 |
|
Total current liabilities |
|
102,242 |
|
|
11,709 |
|
|
164,574 |
|
|
— |
|
|
278,525 |
|
Long-term debt |
|
693,037 |
|
|
— |
|
|
— |
|
|
— |
|
|
693,037 |
|
Intercompany payable |
|
858,673 |
|
|
58,102 |
|
|
— |
|
|
(916,775 |
) |
|
— |
|
Losses in excess of investment in subsidiaries |
|
— |
|
|
— |
|
|
25,567 |
|
|
(25,567 |
) |
|
— |
|
Other long-term obligations |
|
8,595 |
|
|
— |
|
|
62,656 |
|
|
(13,970 |
) |
|
57,281 |
|
Shareholders’ equity attributable to Central Garden & Pet |
|
996,007 |
|
|
29,700 |
|
|
1,729,483 |
|
|
(1,759,183 |
) |
|
996,007 |
|
Noncontrolling interest |
|
— |
|
|
170 |
|
|
— |
|
|
— |
|
|
170 |
|
Total equity |
|
996,007 |
|
|
29,870 |
|
|
1,729,483 |
|
|
(1,759,183 |
) |
|
996,177 |
|
Total |
|
$ |
2,658,554 |
|
|
$ |
99,681 |
|
|
$ |
1,982,280 |
|
|
$ |
(2,715,495 |
) |
|
$ |
2,025,020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED BALANCE SHEET |
|
September 29, 2018 |
|
(in thousands) |
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
Cash and cash equivalents |
$ |
474,210 |
|
|
$ |
6,005 |
|
|
$ |
1,891 |
|
|
$ |
— |
|
|
$ |
482,106 |
|
Restricted cash |
10,899 |
|
|
— |
|
|
— |
|
|
— |
|
|
10,899 |
|
Accounts receivable, net |
94,657 |
|
|
9,647 |
|
|
171,604 |
|
|
— |
|
|
275,908 |
|
Inventories, net |
123,178 |
|
|
32,556 |
|
|
272,089 |
|
|
— |
|
|
427,823 |
|
Prepaid expenses and other assets |
6,304 |
|
|
1,455 |
|
|
12,803 |
|
|
— |
|
|
20,562 |
|
Total current assets |
709,248 |
|
|
49,663 |
|
|
458,387 |
|
|
— |
|
|
1,217,298 |
|
Land, buildings, improvements and equipment, net |
33,484 |
|
|
33,840 |
|
|
150,323 |
|
|
— |
|
|
217,647 |
|
Goodwill |
20,578 |
|
|
7,414 |
|
|
253,185 |
|
|
— |
|
|
281,177 |
|
Other long term assets |
62,199 |
|
|
7,469 |
|
|
133,145 |
|
|
(11,726 |
) |
|
191,087 |
|
Intercompany receivable |
40,365 |
|
|
— |
|
|
769,886 |
|
|
(810,251 |
) |
|
— |
|
Investment in subsidiaries |
1,618,378 |
|
|
— |
|
|
— |
|
|
(1,618,378 |
) |
|
— |
|
Total |
$ |
2,484,252 |
|
|
$ |
98,386 |
|
|
$ |
1,764,926 |
|
|
$ |
(2,440,355 |
) |
|
$ |
1,907,209 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
33,122 |
|
|
$ |
4,759 |
|
|
$ |
72,378 |
|
|
$ |
— |
|
|
$ |
110,259 |
|
Accrued expenses and other liabilities |
44,142 |
|
|
4,746 |
|
|
53,695 |
|
|
— |
|
|
102,583 |
|
Current portion of long term debt |
116 |
|
|
— |
|
|
6 |
|
|
— |
|
|
122 |
|
Total current liabilities |
77,380 |
|
|
9,505 |
|
|
126,079 |
|
|
— |
|
|
212,964 |
|
Long-term debt |
691,869 |
|
|
— |
|
|
162 |
|
|
— |
|
|
692,031 |
|
Intercompany payable |
753,933 |
|
|
56,318 |
|
|
— |
|
|
(810,251 |
) |
|
— |
|
Losses in excess of investment in subsidiaries |
— |
|
|
— |
|
|
25,036 |
|
|
(25,036 |
) |
|
— |
|
Other long-term obligations |
8,621 |
|
|
— |
|
|
52,485 |
|
|
(11,726 |
) |
|
49,380 |
|
Shareholders’ equity attributable to Central Garden & Pet |
952,449 |
|
|
32,178 |
|
|
1,561,164 |
|
|
(1,593,342 |
) |
|
952,449 |
|
Noncontrolling interest |
— |
|
|
385 |
|
|
— |
|
|
— |
|
|
385 |
|
Total equity |
952,449 |
|
|
32,563 |
|
|
1,561,164 |
|
|
(1,593,342 |
) |
|
952,834 |
|
Total |
$ |
2,484,252 |
|
|
$ |
98,386 |
|
|
$ |
1,764,926 |
|
|
$ |
(2,440,355 |
) |
|
$ |
1,907,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS |
|
Fiscal Year Ended September 28, 2019 |
|
(in thousands) |
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net cash provided by operating activities |
$ |
22,344 |
|
|
$ |
4,625 |
|
|
$ |
178,305 |
|
|
$ |
(300 |
) |
|
$ |
204,974 |
|
Additions to property, plant and equipment |
(3,926 |
) |
|
(4,779 |
) |
|
(22,872 |
) |
|
— |
|
|
(31,577 |
) |
Businesses acquired, net of cash acquired |
(41,161 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(41,161 |
) |
Investments |
(2,010 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,010 |
) |
Other investing activities |
(518 |
) |
|
— |
|
|
(997 |
) |
|
— |
|
|
(1,515 |
) |
Intercompany investing activities |
2,820 |
|
|
— |
|
|
(109,345 |
) |
|
106,525 |
|
|
— |
|
Net cash used by investing activities |
(44,795 |
) |
|
(4,779 |
) |
|
(133,214 |
) |
|
106,525 |
|
|
(76,263 |
) |
Repayments of long-term debt |
(121 |
) |
|
— |
|
|
(46,072 |
) |
|
— |
|
|
(46,193 |
) |
Repurchase of common stock |
(62,974 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(62,974 |
) |
Payment of deferred financing costs |
(1,352 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,352 |
) |
Payments of contingent consideration |
— |
|
|
— |
|
|
(170 |
) |
|
— |
|
|
(170 |
) |
Distribution to parent |
— |
|
|
(300 |
) |
|
— |
|
|
300 |
|
|
— |
|
Distribution to noncontrolling interest |
— |
|
|
(76 |
) |
|
— |
|
|
— |
|
|
(76 |
) |
Intercompany financing activities |
104,742 |
|
|
1,783 |
|
|
— |
|
|
(106,525 |
) |
|
— |
|
Net cash provided (used) by financing activities |
40,295 |
|
|
1,407 |
|
|
(46,242 |
) |
|
(106,225 |
) |
|
(110,765 |
) |
Effect of exchange rates on cash |
(411 |
) |
|
50 |
|
|
111 |
|
|
— |
|
|
(250 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
17,433 |
|
|
1,303 |
|
|
(1,040 |
) |
|
— |
|
|
17,696 |
|
Cash, cash equivalents and restricted cash at beginning of year |
485,109 |
|
|
6,005 |
|
|
1,891 |
|
|
— |
|
|
493,005 |
|
Cash, cash equivalents and restricted cash at end of year |
$ |
502,542 |
|
|
$ |
7,308 |
|
|
$ |
851 |
|
|
$ |
— |
|
|
$ |
510,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS |
|
Fiscal Year Ended September 29, 2018 |
|
(in thousands) |
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net cash provided (used) by operating activities |
$ |
(16,676 |
) |
|
$ |
(1,288 |
) |
|
$ |
138,463 |
|
|
$ |
(6,387 |
) |
|
$ |
114,112 |
|
Additions to property, plant and equipment |
(6,633 |
) |
|
(1,495 |
) |
|
(29,717 |
) |
|
— |
|
|
(37,845 |
) |
Businesses acquired, net of cash acquired |
(91,244 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(91,244 |
) |
Investments |
(9,048 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(9,048 |
) |
Other investing activities |
(2,745 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,745 |
) |
Intercompany investing activities |
(3,760 |
) |
|
— |
|
|
(107,749 |
) |
|
111,509 |
|
|
— |
|
Net cash used by investing activities |
(113,430 |
) |
|
(1,495 |
) |
|
(137,466 |
) |
|
111,509 |
|
|
(140,882 |
) |
Repayments on revolving line of credit |
(23,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(23,000 |
) |
Borrowings on revolving line of credit |
23,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
23,000 |
|
Repayments of long-term debt |
(56 |
) |
|
— |
|
|
(375 |
) |
|
— |
|
|
(431 |
) |
Issuance of long-term debt |
300,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
300,000 |
|
Proceeds from issuance of common stock |
195,631 |
|
|
— |
|
|
— |
|
|
— |
|
|
195,631 |
|
Repurchase of common stock |
(13,797 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(13,797 |
) |
Payments of contingent consideration |
— |
|
|
— |
|
|
(253 |
) |
|
— |
|
|
(253 |
) |
Payment of deferred financing costs |
(4,770 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(4,770 |
) |
Distribution to parent |
— |
|
|
(6,387 |
) |
|
— |
|
|
6,387 |
|
|
— |
|
Distribution to noncontrolling interest |
— |
|
|
(1,597 |
) |
|
— |
|
|
— |
|
|
(1,597 |
) |
Intercompany financing activities |
106,525 |
|
|
4,984 |
|
|
— |
|
|
(111,509 |
) |
|
— |
|
Net cash provided (used) by financing activities |
583,533 |
|
|
(3,000 |
) |
|
(628 |
) |
|
(105,122 |
) |
|
474,783 |
|
Effect of exchange rates on cash |
(201 |
) |
|
95 |
|
|
56 |
|
|
— |
|
|
(50 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
453,226 |
|
|
(5,688 |
) |
|
425 |
|
|
— |
|
|
447,963 |
|
Cash, cash equivalents and restricted cash at beginning of year |
31,883 |
|
|
11,693 |
|
|
1,466 |
|
|
— |
|
|
45,042 |
|
Cash, cash equivalents and restricted cash at end of year |
$ |
485,109 |
|
|
$ |
6,005 |
|
|
$ |
1,891 |
|
|
$ |
— |
|
|
$ |
493,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS |
|
Fiscal Year Ended September 30, 2017 |
|
(in thousands) |
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net cash (used) provided by operating activities |
$ |
(7,418 |
) |
|
$ |
2,846 |
|
|
$ |
122,957 |
|
|
$ |
(4,076 |
) |
|
$ |
114,309 |
|
Additions to property, plant and equipment |
(9,419 |
) |
|
(805 |
) |
|
(34,435 |
) |
|
— |
|
|
(44,659 |
) |
Businesses acquired, net of cash acquired |
(103,880 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(103,880 |
) |
Proceeds from asset sales |
229 |
|
|
— |
|
|
8,318 |
|
|
— |
|
|
8,547 |
|
Escrow deposit for acquisition related-contingent consideration |
(6,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(6,000 |
) |
Investments |
(12,495 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(12,495 |
) |
Other investing activities |
(4,355 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(4,355 |
) |
Intercompany investing activities |
(3,828 |
) |
|
— |
|
|
(94,763 |
) |
|
98,591 |
|
|
— |
|
Net cash used by investing activities |
(139,748 |
) |
|
(805 |
) |
|
(120,880 |
) |
|
98,591 |
|
|
(162,842 |
) |
Repayments on revolving line of credit |
(552,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(552,000 |
) |
Borrowings on revolving line of credit |
552,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
552,000 |
|
Repayments of long-term debt |
(89 |
) |
|
— |
|
|
(374 |
) |
|
— |
|
|
(463 |
) |
Excess tax benefits from stock-based awards |
19,946 |
|
|
— |
|
|
— |
|
|
— |
|
|
19,946 |
|
Repurchase of common stock |
(27,556 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(27,556 |
) |
Payments of contingent consideration |
— |
|
|
|
|
|
(1,300 |
) |
|
|
|
|
(1,300 |
) |
Distribution to parent |
— |
|
|
(4,076 |
) |
|
— |
|
|
4,076 |
|
|
— |
|
Distribution to noncontrolling interest |
— |
|
|
(1,019 |
) |
|
— |
|
|
— |
|
|
(1,019 |
) |
Intercompany financing activities |
93,445 |
|
|
5,146 |
|
|
— |
|
|
(98,591 |
) |
|
— |
|
Net cash provided (used) by financing activities |
85,746 |
|
|
51 |
|
|
(1,674 |
) |
|
(94,515 |
) |
|
(10,392 |
) |
Effect of exchange rates on cash |
235 |
|
|
(94 |
) |
|
(66 |
) |
|
— |
|
|
75 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
(61,185 |
) |
|
1,998 |
|
|
337 |
|
|
— |
|
|
(58,850 |
) |
Cash, cash equivalents and restricted cash at beginning of year |
93,068 |
|
|
9,695 |
|
|
1,129 |
|
|
— |
|
|
103,892 |
|
Cash, cash equivalents and restricted cash at end of year |
31,883 |
|
|
11,693 |
|
|
1,466 |
|
|
— |
|
|
45,042 |
|
|